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The businessman who launched Poundland from a second-hand desk with a £50,000 loan from his father almost a quarter of a century ago is preparing to open Britain’s only single-price online retailer.

Steve Smith, who sold his stake in the company for almost £50 million in 2002, has bought the trademark Poundshop.com and intends to start trading this year.

The website has a countdown with eight days remaining, but Mr Smith said that he was unlikely to begin trading within that timescale. “I’d love to say nine days, but I want to make sure we do it right,” he said